HOW LONG WILL IT TAKE FOR THE U.S. TO USE THE WORD QUADRILLION ?
On my days off i think of these things to ask my coin network pals so here go how long do you think it will take for the U.S. TO SPEND A QUADRILLION dollars or borrow that much and will we see things like this in our life time or the life time of our kids ![100-trillion-front.gif]()
i think it would take 100 of these to make a quadrillion but when you get that high in numbers who care any way
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Permalink Reply by Buffalo on -
I think in the US short scale a quadrillion is actually a thousand trillion so even the massive increase in US debt will probably never reach numbers like that barring a complete financial and currency meltdown. If the US dollar ever goes the way of the Zimbabwe currency we could see it in a matter of months or less, in which case gold would probably be valued in the hundreds of thousands of US dollars per ounce.
Most of the US debt increase estimates I have seen say we will easily exceed $20 trillion in debt this decade and some estimates are actually considerably higher than that. I have yet to see any credible explanation of how we will repay this debt, and we continue to add huge amounts to it. I think we face a very real risk of the cost of borrowing increasing to the point where it is just not possible to do much more than pay the costs and not be able to pay the actual debt. At that point the only option may be a US default, which would likely cause repercussions that would make the world's financial woes for the last couple of years look like the good old days.
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Permalink Reply by george palmer on -
good point :o)
Buffalo said:I think in the US short scale a quadrillion is actually a thousand trillion so even the massive increase in US debt will probably never reach numbers like that barring a complete financial and currency meltdown. If the US dollar ever goes the way of the Zimbabwe currency we could see it in a matter of months or less, in which case gold would probably be valued in the hundreds of thousands of US dollars per ounce.
Most of the US debt increase estimates I have seen say we will easily exceed $20 trillion in debt this decade and some estimates are actually considerably higher than that. I have yet to see any credible explanation of how we will repay this debt, and we continue to add huge amounts to it. I think we face a very real risk of the cost of borrowing increasing to the point where it is just not possible to do much more than pay the costs and not be able to pay the actual debt. At that point the only option may be a US default, which would likely cause repercussions that would make the world's financial woes for the last couple of years look like the good old days.
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Permalink Reply by Steve W on -
It is just possible that sanity will prevail and we will end these two unnecessary wars, raise taxes on those with AGIs over $250,000 to where they were in 2000, cut the military budget which is greater than all other nation's military spending combined, increase SS taxes to 100% of everyone's AGI instead of ending at $110,000, and find other savings and budget cuts necessary to get to the point that Clinton had achieved in 1998.
None of these ideas are revolutionary and it seems to me that most people were doing just fine before the 2001-2008 debacle. Both Bill Gates Sr. and Warren Buffet endorse the tax side of this proposal. Otherwise, we may be heading toward economic Armageddon. Bernacke has made the same suggestion about cutting spending and raising taxes. Someday Americans will have to accept the concept of LESS for MORE and not the current reverse!
At this time everyone wants to cut someone Else's favorite program and nobody wants to pay any taxes. This is not a sustainable mind set regardless of one's political persuasion or beverage party. Our biggest problem is political naivete. We have become like spoiled children who have endless wants but refuse to pay for those desires. Even without health care we would be in the same situation. Check the numbers if you disagree.
I can almost predict the whining and gnashing of teeth over this post!
Buffalo said:I think in the US short scale a quadrillion is actually a thousand trillion so even the massive increase in US debt will probably never reach numbers like that barring a complete financial and currency meltdown. If the US dollar ever goes the way of the Zimbabwe currency we could see it in a matter of months or less, in which case gold would probably be valued in the hundreds of thousands of US dollars per ounce.
Most of the US debt increase estimates I have seen say we will easily exceed $20 trillion in debt this decade and some estimates are actually considerably higher than that. I have yet to see any credible explanation of how we will repay this debt, and we continue to add huge amounts to it. I think we face a very real risk of the cost of borrowing increasing to the point where it is just not possible to do much more than pay the costs and not be able to pay the actual debt. At that point the only option may be a US default, which would likely cause repercussions that would make the world's financial woes for the last couple of years look like the good old days.
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Permalink Reply by Buffalo on
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I hope you're right Steve and that sanity does prevail, or at least put in an appearance. Even if it does, I still wonder how long it will take the US to climb out from the $14+ trillion hole, or if we wait a few more years and continue as we are, the $20+ trillion version of it?
I still doubt that the political will to do what needs to be done will exist until the American people demand it. The politicians by and large are afraid of upsetting the voters and being voted out at the next election. Because of this "business as usual" is likely to continue until it is no longer accepted by the majority of the people, and when or even if that will happen is anyone's guess. I hope it does, and before its too late and the economic Armageddon can no longer be avoided.
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Permalink Reply by Lureuin on -
Dude- You are SPOT ON!!!
Buffalo said:I think in the US short scale a quadrillion is actually a thousand trillion so even the massive increase in US debt will probably never reach numbers like that barring a complete financial and currency meltdown. If the US dollar ever goes the way of the Zimbabwe currency we could see it in a matter of months or less, in which case gold would probably be valued in the hundreds of thousands of US dollars per ounce.
Most of the US debt increase estimates I have seen say we will easily exceed $20 trillion in debt this decade and some estimates are actually considerably higher than that. I have yet to see any credible explanation of how we will repay this debt, and we continue to add huge amounts to it. I think we face a very real risk of the cost of borrowing increasing to the point where it is just not possible to do much more than pay the costs and not be able to pay the actual debt. At that point the only option may be a US default, which would likely cause repercussions that would make the world's financial woes for the last couple of years look like the good old days.
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Permalink Reply by Steve W on
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Buff,
The attitudes of the electorate have become the problem! Our politicians have not preached economic maturity and responsibility for ten years now. What is needed is a Economic Churchill who offers fiscal "Blood Sweat Tears and Toil" once a recovery is underway. Did you know that the UK provided Universal Medical care for the first time during the emergency of WWII? That was seen as vital to England's eventual survival.
Buffalo said:I hope you're right Steve and that sanity does prevail, or at least put in an appearance. Even if it does, I still wonder how long it will take the US to climb out from the $14+ trillion hole, or if we wait a few more years and continue as we are, the $20+ trillion version of it?
I still doubt that the political will to do what needs to be done will exist until the American people demand it. The politicians by and large are afraid of upsetting the voters and being voted out at the next election. Because of this "business as usual" is likely to continue until it is no longer accepted by the majority of the people, and when or even if that will happen is anyone's guess. I hope it does, and before its too late and the economic Armageddon can no longer be avoided.
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Permalink Reply by Buffalo on
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Steve, I think we are pretty much in agreement about the nature of the problem and what needs to be done to solve it. It is the details of how to accomplish the solution that escape me. We need to spend less, tax more, and balance the budget, and repay trillions of dollars in debt, all while growing the economy, creating jobs, rebuilding infrastructure, etc, etc, etc. I won't say all of those things can't be done, but I really don't see the leadership of an Economic Churchill on the political horizon and I don't see a general public really committed to what needs to be done. What concrete fact(s) can anyone point to right now that says the long term problems facing the US economy will be fixed? Can the US economy even be "fixed" as a separate entity from the world economy nowadays, or are they so interconnected that's no longer possible?
I didn't know the details about the UK health care in WWII, but my Mother was English and served as an ambulance driver in the English "Land Army" during WWII in Leeds, where she met my Father who was in the US Air Force. Growing up I heard many stories of those times in England, food rationing, bombs falling, etc. They were dire times, and Churchill was well respected in my house, and my Mother even had a small bust of him she displayed for the rest of her life. Our situation pales in comparison to what the British people and many others endured during WWII, but we could certainly use a leader with the ability to unite people to work together for the common good again.
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Permalink Reply by Steve W on
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Amen brother! As the old saying goes: "A trip of 1000 miles starts with the first step." You have pointed out all the complex problems that we face. The biggest problem is that we are reluctant to take that first step towards solution of the issue. We need the maturity to identify the problem and compromise on solutions. I believe that we have the right leader to do this, but he is be deviled by opponents who spend all their time obstructing and no time in compromising. They pander to the political immaturity of those who think we can have it all and not pay taxes for anything. Their tools are fear and misinformation.
The health care debate has had most of our attention for the past year. I understand why it was so important for poorer Americans. How can one justify spending billions in deficit on two wars and then refuse to insure the health care of a significant minority of the population? Meanwhile Karzai and other Afghan leaders enrich themselves with graft while our men die for their ineffective regime. It just seems like Viet Nam all over to me.
I am not sure that we can afford either of these activities, but I would rather spend the money here on Americans rather than the defense of Maliki and Karzai. As far as defense is concerned, Admiral Mike Mullen said that we could be just as effective in a war on terrorism using an "over the horizon" approach consisting of surgical strikes and covert operations combined with aid and vigorous deplomacy. That is why Bush fired him from the JCS.
Buffalo said:Steve, I think we are pretty much in agreement about the nature of the problem and what needs to be done to solve it. It is the details of how to accomplish the solution that escape me. We need to spend less, tax more, and balance the budget, and repay trillions of dollars in debt, all while growing the economy, creating jobs, rebuilding infrastructure, etc, etc, etc. I won't say all of those things can't be done, but I really don't see the leadership of an Economic Churchill on the political horizon and I don't see a general public really committed to what needs to be done. What concrete fact(s) can anyone point to right now that says the long term problems facing the US economy will be fixed? Can the US economy even be "fixed" as a separate entity from the world economy nowadays, or are they so interconnected that's no longer possible?
I didn't know the details about the UK health care in WWII, but my Mother was English and served as an ambulance driver in the English "Land Army" during WWII in Leeds, where she met my Father who was in the US Air Force. Growing up I heard many stories of those times in England, food rationing, bombs falling, etc. They were dire times, and Churchill was well respected in my house, and my Mother even had a small bust of him she displayed for the rest of her life. Our situation pales in comparison to what the British people and many others endured during WWII, but we could certainly use a leader with the ability to unite people to work together for the common good again.
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